How Blockchain Solutions Can Impact the Healthcare Industry

Since the Blockchain technology behind Bitcoin hit the mainstream, industry specialists were quick to recognize that the underlying principles behind this innovation could be extended to other sectors rather than just financial services. Now Blockchain-based technology solutions are being widely used in a host of industries from retail, real-estate to insurance and now healthcare. The medical field has a list of challenges such as data management, the privacy of patient records and managing financial transactions between several actors that Blockchain can address successfully and here is how.

Effective Management of Patient Records
In the present scenario, the recording of patient data in medical facilities is flawed because the systems which are in place to manage information are not sufficient enough to protect the privacy and confidentiality of data. Moreover, there are also valid concerns about the use of patient information because individuals do not have complete control over who they wish to seek the data. By storing patient records in a secure chain, such information can also be made available upon the full authorization of the patient.
For example, if an individual visits a physician for a diagnosis, the specialist would not be able to view the record until the patient allows it to happen. By using this practice, Blockchain would be able to validate patient records and prevent anonymous parties from gaining access to this sensitive information. The technology will permanently safeguard sensitive patient data from being usedwithout authorization and maintain the integrity of confidential information.

Prevention of Data Loss
Healthcare miscommunication is an alarming issue for the industry which not only leads to monetary loss but can also compromise the lives of patients. By storing records on the Blockchain and developing a smooth system of data management this issue can be successfully resolved.

Optimizing Clinical Trials
When clinical trials are performed by a medical research facility, extensive data, and both qualitative and quantitative information is generated as a consequence of this activity. Blockchain tools can support researchers in aggregating and analyzing this complex information. As the technology itself is immutable, the data that is gathered through clinical trials can be verified easily which also helps enhance auditability and the validity of final results.

Improving Payment Systems
Financial record-keeping of medical facilities can be streamlined through the incorporation of Blockchain solutions. Effective management of transactions often becomes complex due to the involvement of several entities, however, Blockchain frameworks allow the elimination of intermediaries or third-parties which is also cost-effective. Moreover, this solution makes collaborating in real-time possible to settle and release payments which are another benefit for healthcare facilities.

Promoting Reliability, Privacy, and Security in Healthcare
The healthcare industry must uphold patients’ sensitive information and pledge to improve the scope of services for enhancing patient’s health outcomes. The integration of Blockchain within this sector has the potential to streamline several activities, promote cost-reduction, advance administrative measures and promote collaboration between all stakeholders. By applying these innovative solutions, the healthcare sector can experience a reduction in medical malpractice and enhance the scope of its services.

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